Home Buying in Menifee>Question Details

Lolonako03, Home Buyer in Henderson, NV

I have a money to put down 50 percent for a 250k home. My son is willing to co-sign. Can we do this. can he quit claim later.?

Asked by Lolonako03, Henderson, NV Sun May 12, 2013

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6
Hi Lolonko03,

Yes, as long as he qualifies for the loan, he can be on it and on Title. He can do a Quit Claim to take himself off Title but he will still be on the loan. The only way he can remove himself from the loan is to either pay off the loan or refinance it into your name only.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Sun May 12, 2013
The truth is before anybody can answer that question they will need to know a little bit more. The question i do to you is after you put 50% down will you have money in savings for an emergency? there are programs out there that you just have t0 put 5% down and if you are a veteran you dont have to put any money dow.
0 votes Thank Flag Link Wed Jun 26, 2013
Why do you believe you need a cosigner? 50% is a BIG down payment. Lending requirements get looser with 50% LTV (loan to value) loans.

Meantime, your son can absolutely co-sign, if necessary, but a quit claim will not relieve him from liability for repaying the loan.

There are tax implications involved in this type of transaction, as mentioned elsewhere.

However, this usually is only an issue if there is a significant difference in market value between the current transfer and the original transfer.
0 votes Thank Flag Link Tue Jun 25, 2013
Based on the information you've provided and drawing from similar experience in California, I am able to provide the following insight:

The ability of your son to co-sign will also depend on his credit score and financial strength to to qualify for the loan. 50% sounds like a substantial downpayment. Vesting of the title will also depend upon his marital status as you should consider community property laws. if he is married, then likely, his spouse would also need to quit claim. I hope this helps.
0 votes Thank Flag Link Mon Jun 3, 2013
Are you buying a primary residence? Second home? Investment/rental property? Where does your son live now? Does he own a home of his own? Why would your son need to co-sign? Are you asking if he can quit claim off or on the title later?

Trulia is famous for agents and lenders answering questions with little to no information to base their answers on or assuming the wrong scenarios.

Call me of you want to go over these details that will impact how you structure this home purchase.
Web Reference: http://homeloanartist.com/
0 votes Thank Flag Link Mon May 13, 2013
Yes presuming your credit scores and income qualify. Are you looking for an investment property though? The loan program is dependent on the answer to that. I ask bc your profile says NV.

Valli Lopez
01810641
619-916-9595
Valli@thebrikhogroup.com
Web Reference: http://Www.vallilopez.com
0 votes Thank Flag Link Sun May 12, 2013
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